What is UCC Article 9?
Uniform Commercial Code (UCC) Article 9 governs secured transactions in personal property. The 2010 Amendments to Article 9 modify the existing statute to respond to filing issues and address other matters that have arisen in practice following a decade of experience with the 1998 version.
What are the new UCC amendments?
The amendments span almost every article of the UCC and add a new Article 12 addressing certain types of digital assets defined as “CControllable Electronic Records” (CERs).
Can a secured creditor foreclose on collateral under UCC Article 9?
A Practice Note discussing a secured creditor’s rights under UCC Article 9 to enforce its security interest by foreclosing on collateral. This Note addresses the basic timeline, process, and requirements for conducting an Article 9 sale.
Why is the UCC important?
Because the UCC has been universally adopted, businesses can enter into contracts with confidence that the terms will be enforced in the same way by the courts of every American jurisdiction. The resulting certainty of business relationships allows businesses to grow and the American economy to thrive.
Uniform Commercial Code Revised Article 9. Secured Transactions